It is very important to know what payout you are getting on a bet. The odds that a sportsbook offers you is directly related to the implied probability of that outcome happening. With this being said, lets look at an example from an NFL game. Implied odds are the conversion of a sportsbooks offered odds into an implied win probability. A spread bet in football is normally offered at -110 on both sides of the bet. The implied probability of this spread bet winning would be 52. 38% or higher, then you would want to take that bet. It is important to note that if your true probability is higher than the implied probability that a sportsbook is giving you, then that is a valuable bet.
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